Leon Cooperman Says Gov’t Shouldn’t Let Companies go Bankrupt Because of Coronavirus (CNBC)
Billionaire investor Leon Cooperman told CNBC on Monday the U.S. government should offer financial assistance to companies struggling with the economic effects of the coronavirus pandemic. “If the government lets all these companies go bankrupt and they do disgorge labor, the government is going to have to basically pay a lot of unemployment benefits,” Cooperman said on “Fast Money Halftime Report.” “Instead, they make low-interest rate or interest-free loans to these companies that are experiencing [a] liquidity crisis, the companies fix themselves up and they come back.”
Bitcoin Is Below $7,000 But Novogratz Stays Long, Shorts Stocks (Bloomberg)
Famed investor Mike Novogratz says this is the time for Bitcoin, citing greater adoption around the globe and unprecedented actions by central banks battling the fallout from the spreading coronavirus. “The risk on any store of value, if it’s gold, is that enough people believe in it,” Novogratz said in a Bloomberg TV interview. “It’s still a question of adoption. I’m just seeing more adoption here in the U.S. and in Europe than I have literally since I started this.”
Anthony Scaramucci’s Firm Hit Hard by Credit Collapse (The Wall Street Journal)
Anthony Scaramucci’s SkyBridge Capital LLC was hit by heavy losses in March from a big bet on debt investments and now is considering possible steps after some of its hedge-fund managers prevented SkyBridge and other clients from withdrawing their money. New York-based SkyBridge invests billions of dollars in hedge funds for wealthy clients. The firm lost 22.5% in March in its flagship fund, according to an investor document reviewed by The Wall Street Journal. For the year, the fund is down 21.9% through March.
Billionaire Carolina Panthers Owner David Tepper is Backing a New Hedge Fund Helmed by a Former Appaloosa Partner Who’s also His Nephew (Business Insider)
A new hedge fund is coming to midtown Manhattan in July, and it boasts a serious pedigree. CastleKnight Management will launch with $100 million on the first day of the third quarter, and will invest across equities and credit. The firm is run by Aaron Weitman, a former senior partner at Appaloosa Management and the nephew of Appaloosa founder and Carolina Panthers’ owner David Tepper. Tepper is expected to be an investor in the firm, a source familiar tells Business Insider. Hedge Fund Alert first reported on CastleKnight’s expected launch.
Bill Ackman Is Having a Great Run. Here’s How to Ride Along With Him (Barron’s)
Bill Ackman has been on a roll for the past 15 months, but his main investment vehicle, Pershing Square Holdings, an offshore, closed-end fund with a market value of nearly $4 billion, is languishing at a 30%-plus discount to its net asset value. This gives investors an inexpensive way to ride with Ackman, who runs a highly concentrated portfolio dominated by a half-dozen stocks: Chipotle Mexican Grill (CMG), Hilton Worldwide Holdings (HLT), Berkshire Hathaway (BRK. A), Lowe’s (LOW), Starbucks (SBUX), and Restaurant Brands…